GAO report on disaster loan changes

(a) Definition In this section, the term covered final rule means— (1) the final rule entitled Disaster Assistance Loan Program Changes to Maximum Loan Amounts and Miscellaneous Updates (88 Fed. Reg. 39335 (June 16, 2023); RIN 3245–AH91); or (2) the final rule entitled Disaster Assistance Loan Program Changes to Unsecured Loan Amounts and Credit Elsewhere Criteria (89 Fed. Reg. 59826 (July 24, 2024); RIN 3245–AI08). (b) Report Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Small Business and Entrepreneurship and the Committee on Appropriations of the Senate and the Committee on Small Business and the Committee on Appropriations of the House of Representatives a report on— (1) the cost (as defined in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a)) of the increase in the home loan lending limits for, the extension of the deferment period for, the expansion of mitigation options for, the modifications to the criteria for determining whether applicants can obtain credit elsewhere with respect to, the changes to collateral requirements for, and other changes to the terms and conditions of loans under section 7(b)(1) of the Small Business Act (15 U.S.C. 636(b)(1)) made by the covered final rules; and (2) the effect on the subsidy for such loans of the changes contained in the covered final rules.

(a) Definition In this section, the term covered final rule means— (1) the final rule entitled Disaster Assistance Loan Program Changes to Maximum Loan Amounts and Miscellaneous Updates (88 Fed. Reg. 39335 (June 16, 2023); RIN 3245–AH91); or (2) the final rule entitled Disaster Assistance Loan Program Changes to Unsecured Loan Amounts and Credit Elsewhere Criteria (89 Fed. Reg. 59826 (July 24, 2024); RIN 3245–AI08). (b) Report Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Small Business and Entrepreneurship and the Committee on Appropriations of the Senate and the Committee on Small Business and the Committee on Appropriations of the House of Representatives a report on— (1) the cost (as defined in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a)) of the increase in the home loan lending limits for, the extension of the deferment period for, the expansion of mitigation options for, the modifications to the criteria for determining whether applicants can obtain credit elsewhere with respect to, the changes to collateral requirements for, and other changes to the terms and conditions of loans under section 7(b)(1) of the Small Business Act (15 U.S.C. 636(b)(1)) made by the covered final rules; and (2) the effect on the subsidy for such loans of the changes contained in the covered final rules.